Cloud Migration Market Size (2024 - 2029)

Cloud Migration Market Analysis

The Cloud Migration Market size is estimated at USD 232.51 billion in 2024, and is expected to reach USD 806.41 billion by 2029, growing at a CAGR of 28.24% during the forecast period (2024-2029).

Over the past decade, cloud computing adoption has risen owing to increasing investments from small and medium enterprises. Globally, many organizations have already switched to cloud platforms to take advantage of its benefits. In recent years, cloud adoption stands to be a significant consideration for IT cost reduction strategies.

• The significant reasons for migrating to the cloud are scalability, increased effectiveness, faster implementation, mobility, and disaster recovery. Considerable companies are offering cloud disaster recovery features to their customers, aiding them in expanding their businesses. Cloud migration is gaining traction for its real-time experience, business elements, and accessibility to on-premise data. This technology also aids in setting up several business units in minimal time.
• The growth of cloud and industrialized services and the decline of traditional data center outsourcing (DCO) indicate a massive shift toward hybrid infrastructure services. While the conventional DCO market is shrinking, spending on colocation and hosting, along with infrastructure utility services, is increasing rapidly. This is expected to drive the shift toward cloud IaaS and hosting. Migration for PaaS, IaaS, and SaaS has been most important in recent years. Companies are also embracing DevOps capabilities and automation; hence, they are increasingly seen as critical to realizing cloud adoption's technical and business benefits.
• The growing demand for cloud migration services is attributed to increased scalability, flexibility, remote collaboration, task automation, improved mobility, and robust data protection. Furthermore, the growing network of connected devices has resulted in massive data growth. As a result, the growing need for a low-cost data storage solution is projected to increase the use of cloud migration services.
• The migration to the hybrid cloud has experienced significant overall growth in the past few years compared to other cloud services. Using a hybrid cloud allows companies to scale computing resources and helps eliminate the need for massive capital to handle short-term spikes in demand. Many cloud providers offer the ability to rapidly increase infrastructure in various worldwide locations, enabling a business to expand to new territories quickly.
• Data security issues and application interoperability issues are expected to hamper the growth of the cloud migration market. Increased internet connectivity and digitization provide opportunities to the cloud migration service offering companies.

Cloud Migration Industry Segmentation

Cloud migration involves the movement of applications, data, and other business elements to a cloud computing environment. There are various types of cloud migrations an enterprise can perform. One standard model is transferring data and applications from a local, on-premises data center to the public cloud. However, a cloud migration could also entail moving data and applications from one cloud platform or provider to another -- a model known as cloud-to-cloud migration. The study has focused on the trend analysis of the adoption of public, hybrid, and private clouds for cloud migration and the type of service provided by the vendors in the market for the application in a wide range of end-user verticals globally. The market estimations indicate the revenues accrued from cloud migration services (the move from on-premises or legacy infrastructure to the cloud) utilised by the enterprises across regions.

The Cloud Migration Market is segmented by type of deployment (public, private, and hybrid), by enterprise size (SMEs and large enterprises), by type of service (PaaS, IaaS, and SaaS), by end-user vertical (BFSI, healthcare, retail, government, IT and telecommunication, manufacturing and other end-user vertical), and by geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). The report offers market forecasts and size in value (USD) for all the above segments.